Elon Musk has no money! Tesla’s plan to invest in India falls flat

New Delhi: Elon Musk’s company Tesla will not invest money in India. Its investment plan in India is being considered negligible. According to a Bloomberg report, Tesla officials have stopped talking to the Indian government. In April, Elon Musk canceled his plan to come to India. Since then Tesla has not spoken to the Indian government. Sources told Bloomberg that Tesla has told the Indian government that it currently lacks money for investment. Therefore, it will not invest money in India at the moment.

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Tesla is facing difficulties

Tesla is facing problems all over the world. Its car sales have declined for the second consecutive quarter. It is facing tough competition in China. In April, Musk announced the layoff of employees.

Tesla’s new model Cybertruck has also not performed as expected. Work on Tesla’s new plant in Mexico has also been delayed.

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Musk was planning to visit India in April
Musk was scheduled to visit India in April and was also going to meet Prime Minister Narendra Modi. But he canceled his visit citing company work. The Indian government has reduced EV import tax for foreign companies. But for this, companies will have to invest Rs 4,150 crore in India and start producing EV locally within three years.

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Now the Indian government is dependent on domestic companies like Tata Motors and Mahindra. The government hopes that these companies will promote EV production in India. Bloomberg sources said that if Tesla wants to invest in India, it is welcome. It can take advantage of the new import tax policy. He said, ‘Tesla is still welcome to take advantage of the new import tax policy, if Musk starts talks again.’